The conviction rates for the ED and CBI are both dismal. What hope do the capital markets have if the guilty are not punished because the investigative agencies perform such shoddy work, or even if the innocent are detained on such tenuous evidence? When such events occur, it is a really sad day for the capital markets and the general public, according to independent business analyst Hemendra Hazari.
What do you think of all the recent events surrounding the Kochhars?
The Honourable High Court’s harsh criticism of the Central Bureau of Investigation for its inadequate adherence to legal procedure paints a very negative picture of the agency. This is unfortunate since it seriously damages the reputation of India’s top criminal investigation agency.
When you see the digital money trail showing ICICI Bank transferring money to the Videocon Group and then some of that money moving from a Videocon Group Company into Deepak Kochhar’s company, it naturally generates a lot of suspicion in the eyes of the public and banking expert. I am really disappointed in the CBI’s ability when the top criminal investigation body fails to put together a solid case and their case is essentially dismissed by the high court.
The ED and CBI have both had trouble getting convictions. What hope do the capital markets have if the guilty are not punished because the investigative agencies perform such shoddy work, or even if the innocent are detained on such tenuous evidence? When such events occur, it is a very sad day for both the stock markets and the general people.
If they are innocent, then dragging their name through this for so long is a tremendous disservice done to them. If they are guilty, the people of this nation have been dealt a severe wrong by their extended period of impunity! In a situation like this when transactions are digital, what might be impeding CBI?
Even though the CBI is India’s top criminal organization, this demonstrates their professional incompetence. According to the publicly available facts, it is obvious that the ICICI Bank board independently reached its decision first. When the media began to focus on her and fresh revelations began to surface every day, they supported her and created the Srikrishna Committee. She was allegedly accused in the Srikrishna Committee report, and the board then fired her.
After that, it was crystal evident that the ICICI board did not want to work with her. As an analyst, it is quite evident to me that, given these claims, the person is unfit for any position in a financial institution’s upper echelons, and most definitely not one in a bank.
I believe the CBI ought to have taken action much sooner. They filed an FIR at the beginning of 2019, but it took them three to four years to really apprehend the criminals—and only on such tenuous evidence. It looks like they only detained her to sabotage the wedding and possibly gain attention.
Even the most fundamental protocols were not followed when they detained her. Since CBI is the nation’s top criminal investigation agency, the public has lost faith in its ability to conduct competent investigations.
